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Thursday, January 2, 2014

ObamaCare brings new taxes, fees for 2014

Fox NewsJanuary 2, 2014

Get ready for the next wave of ObamaCare fees.

With the launch of coverage under the health care law on Wednesday, a new set of taxes and fees is kicking in this year -- as part of the hundreds of billions of dollars the government intends to raise over the next decade to help pay for the program.

This year, the increases come in the form of fees on health insurance companies which could translate into higher premiums. And for those who don't buy coverage, the IRS plans to slap them with a fine -- some call it a "tax" -- for not complying.

The biggest revenue-raiser kicking in this year is an annual fee on health insurers, meant to help fund premium subsidies and other provisions.The fee is projected to bring in $8 billion this year and roughly $100 billion over the next decade. The insurance industry -- and more than 200 House lawmakers -- are trying to repeal it, warning that these costs will be passed onto the consumer (though some will get Affordable Care Act subsidies).

An industry-commissioned study by consultant Oliver Wyman estimated that rates will rise in 2014 by up to 2.3 percent for that reason alone. By 2023, the study said, rates could be rising annually by up to 3.7 percent because of the tax.

The other major fee to watch out for is the individual mandate penalty. Under the law, those who do not get insurance by the end of March and do not qualify for an exemption will be charged the fee. This year, that penalty will be $95, or 1 percent of household income, whichever is greater.

The penalty will increase considerably in 2015 and beyond, though it remains unclear whether it is big enough to compel reluctant individuals to enter the insurance market.

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